CHAMPCAR/CART: Elan Motorsports Technologies new chassis

ELAN MOTORSPORTS TECHNOLOGIES TO BECOME EXCLUSIVE CHAMP CAR CHASSIS
PROVIDER
BRASELTON, Ga. (October 11, 2005) - Achieving a vision Don Panoz had when
he founded the company, Elan Motorsports Technologies was named today by
Champ Car as the ...

BRASELTON, Ga. (October 11, 2005) - Achieving a vision Don Panoz had when
he founded the company, Elan Motorsports Technologies was named today by
Champ Car as the exclusive provider of chassis for the open-wheel series
beginning in 2007.

The Panoz DP01 chassis built by EMT will be coupled with a beefed-up 775
horsepower, turbo-charged Ford-Cosworth engine on every Champ Car beginning
in 2007. The announcement is the latest achievement for EMT, which is
positioning itself as a global leader in automotive design.

"We are overwhelmed with enthusiasm and pride to be selected as the
exclusive builder of the next generation Champ Car," said David Bowes,
Chief Executive Officer of Elan Motorsports Technologies, Inc. "At the
outset of the process, Champ Car sought RFPs from seven manufacturers. The
selection of EMT to design, build and service the new Champ Car reconfirms
our position worldwide as a premier provider of chassis as well as
motorsports technology and establishes our dominance in North America."

The new chassis and engine combination reflects the ongoing commitment by
the Champ Car World Series, its owners, management and manufacturers to the
long-term health and success of the series. The package ensures a level
playing field for every team and driver in the series while providing a
stable technology and rules package for the future of Champ Car.

"This selection fulfills a vision that Don Panoz had eight years ago when
he made a commitment to build a truly world-class motorsports technology
company in Braselton, Ga.," said Scott Atherton, president and CEO of Panoz
Motor Sports Group, to which EMT belongs. "After an exhaustive analysis,
Champ Car came to recognize not only the technical capabilities offered by
EMT but also its unprecedented ability to provide a level of service,
quality control and accessibility that can only be offered by a North
American-based company."

The new Panoz DP01 chassis retains some of the current Champ Car identity,
allowing fans to recognize a style that has made the series a worldwide
favorite. EMT's cutting-edge technology, however, incorporates many new
chassis design elements, and aerodynamic and safety features into the
overall package to make the car more suited for the urban tracks that play
host to Champ Car's highly successful three-day events that have become
hallmarks of the series.

Lighter and smaller in length and width than the current Champ Car chassis,
the Panoz DP01 provides a more nimble and quicker race car, putting a
driver's skills at a premium. The lighter car, combined with an increase in
power provided by the Ford-Cosworth engines, means teams will have to rely
on the drivers even more to achieve maximum performance.

In addition, the aerodynamic changes that EMT has incorporated into the
design will include larger underbody tunnels coupled with reduced front and
rear wing loadings. A combination of the two yields the same downforce
levels as the current car, but with a smaller turbulent wake, designed to
create better opportunities for overtaking. While the conceptual design
will be evaluated with full-car CFD (computational fluid dynamics), final
surface definition will follow an extensive wind tunnel program, running a
50 percent scale model in a rolling road wind tunnel. Another new feature,
the onboard starter, will allow for less yellow-flag time during events.
Other new innovations include upgrades to the head surround and seat-back
areas and increased leg padding for driver safety. A collapsible steering
column, new side intrusion construction, and a two-stage nose crush and
rear crash structure also are incorporated into the Panoz DP01 design.

"We are extremely excited about the potential that the Panoz DP01 chassis
built by Elan Motorsports Technologies and the Ford-Cosworth engine bring
to the Champ Car World Series," said Champ Car President Steve Johnson.
"This combination benefits Champ Car by providing not only a strong package
for our current teams, but also by giving prospective teams an opportunity
to be competitive right away."

EMT has a rich history of designing high-performance race cars, from the
Panoz Esperante GTLM that competes in the GT2 class of the American Le Mans
Series to the Indy Racing League's Panoz G-Force chassis that has won two
Indianapolis 500 championships: Gil de Ferran in 2003 and Buddy Lazier in
2004. This season, Scott Dixon (Watkins Glen) and Scott Sharp (Kentucky
Speedway) have driven their G-Force chassis to victory in the IRL this
season. Panoz G-Force drivers took four of the top 10 spots in this year's
running of the Indy 500, including a runner-up finish by Vitor Meira and a
fourth-place result by rookie phenom Danica Patrick.

In the ALMS, the Panoz Esperante GTLM of Bill Auberlen and Robin Liddell
scored a landmark victory in April's Grand Prix of Atlanta for the car's
first GT2 class victory, dethroning a field full of Porsches for the win.
EMT also recently announced that Team LNT will field two factory Esperante
GTLMs next season with the aim of competing in most major European sports
car series and the 24 Hours of Le Mans.

EMT's success isn't limited to just the race track. It also is involved in
a number of other technological ventures including aerospace (aircraft
parts), Leisure (racing simulators for destination amusement venues), as
well as high-tech communications equipment (carbon fiber satellite
communications dishes) and such non-automotive items as composite ice
skates.

Champ Car, purchased by Kevin Kalkhoven, Jerry Forsyth and Paul Gentilozzi
in 2003, features some of the world's greatest race car drivers competing
on such diverse environs as oval circuits, temporary street circuits and
permanent road courses. It has produced such stars as Sebastien Bourdais,
Jimmy Vasser, Paul Tracy, Oriol Servia, Alex Tagliani and 2004 Rookie of
the Year A.J. Allmendinger.

About Panoz Motor Sports Group
The Panoz Motor Sports Group is an entity composed of many of the
motorsports holdings of Don Panoz. With headquarters in Braselton, Ga.,
PMSG includes several racing series and tracks, as well as a racing school
in multiple locations. Branches of PMSG include Elan Motorsports
Technologies, the American Le Mans Series, Sebring International Raceway,
Road Atlanta, Mosport International Raceway, Panoz Racing Series and Panoz
Racing School.

About Elan Motorsports Technologies
Founded in 1997, Élan Motorsports Technologies set out to acquire and
cultivate the best technical, manufacturing and design experts under one
roof. Elan Precision Products is responsible for an array of critical
components such as front and rear wishbones, uprights, pushrods, toelinks
and roll hoops. In addition, Élan Precision Products supplies and supports
individual IRL teams, Star Mazda, SCCA, Van Diemen and Panoz Esperante
customers with parts that meet the highest standards as only EMT requires.
Élan Power Products provides comprehensive, innovative engine building
development and management programs that can be supported for projects in
any racing environment around the world. Élan Composites is recognized as
one of the leading authorities of carbon composite technology, gaining its
reputation not only in the development of carbon composites but also in the
design of complex tools, moulds and fixtures used in the manufacturing
process. Elan Motorsports Design and Engineering takes initial concepts
from the CAD screen and FEA analysis to wind-tunnel testing, all the way
through production and to the racetrack. Van Diemen, acquired by EMT in
1999, is the world's largest volume of single-seat race cars and is
respected for its engineering excellence, on-track performance and
integrity for more than 30 years.